Eli Lilly rises after signing $1.3 billion deal with Superluminal

Shares of drugmaker Eli Lilly LLY.N rise 3.2% to $681.39 in afternoon trade

Lilly has signed a deal worth $1.3 billion with privately held Superluminal Medicines to discover and develop small-molecule drugs through AI to treat obesity and other cardiometabolic diseases

Boston-based startup Superluminal to receive payments, equity investment, royalties

Superluminal is backed by investors including RA Capital Management, Insight Partners and NVentures, NVIDIA's venture capital arm

Separately, Tiger Global Management raises share stake in Lilly by 13.2% to 1.5 million shares

Including session's moves, stock down 11.8% YTD